We discuss the shortcomings of financial contracts that were highlighted by the global financial crisis, including poor management, lack of transparency, and the complex real risks behind them. The risks of these contracts spreading across financial systems were evident in the collapse of institutions like Lehman Brothers and AIG. This has sparked a worldwide debate on the need for structural reforms in global financial markets, including calls for regulating these products and standardizing their contracts to ensure stability and security in the derivatives markets.
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